purchased equipment in exchange for $450,000 cash and a $1,550,000 note payable at an annual rate of 5% payable every six months

ary 1, 2022, Mrs, Wright formed a corporation to provide services to clients, Revite Ist ation about the first year of operation follows. TInvestorsprovided$3.000.000acastexchanoeforsockottheWright Corporation - Purchased equipmert in exchange for $450,000 cash and a $1,550,000 note payable at an annual rate of 5%, payable every 6 months. Purchased $90,000 of insurance that wit coyer the next 3jears. This was recorded as prepaid irsurance, Feb.1 - Purchased $18,000 of offce supplies on acterent that wil be needed during Mar: 15 + Billed cupcoming year Mar-15 + Billed customers for servicesin the amount d $325,000 Apr. 15 . 30 Paid the vender who sold Wright the ofloc eve. June 15 - Paid $14,000 for a company paty. June 30 - Paid $12,000 for employse dune 30 - Paid the interest due and $200000s - 15 thag the taincon ol the role payable 37,%8 I July.1 + Billed customers for senises pronided in the anount of 5225000 Augt + Collected $200,000 on account recelable. Angis - Purchased $10,000 of ofise sspeles on acseve. Sept. 15 - Paid Paidsalariesof$55.000$27.000foracustome